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Tuesday, 18 November 2008 10:37 |
 Canadian-based Erdene Resource Development Corp. released an update on the company’s finances on Monday as well as a report on its Zuun Mod molybdenum project in Mongolia.
Observers took note that Erdene’s cash reserves had increased from $8.7 million on December 31, 2007 to $20.6 million as of September 30, 2008. The company also announced additional deposits of molybdenum are being prepared to be mined at its Zuun Mod site. Molybdenum is an additive which hardens iron and is critical for iron being used for tools and other products. As of May 2008, it was estimated that there were in excess of 320 million pounds of various grades of molybdenum at Zuun Mod. This would make this the largest deposit in Asia. In a statement, company officials noted, “Zuun Mod is the most significant new metals discovery in Mongolia since Oyu Tolgoi and perhaps one of the largest new primary molybdenum discoveries globally in the past two decades. The size and continued growth of the deposit provides for greater flexibility in varying the grade mined reflecting the price of molybdenum at any given time.”
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Last Updated on Tuesday, 18 November 2008 12:15 |
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